Auditing a Publicly Traded Company Memo: To: Senior Staff Member From: Team A Date: September 13‚ 2010 Subject: Share-based payment reporting and special purpose entities reporting December 16‚ 2004 the Financial Accounting Standards Board issued Statement 123‚ Shared- Based Statement‚ which took the place of Accounting for Stock-Based Compensation and replaced Accounting Principal Board Opinion No. 25 Accounting for Stock issued to Employees. Share-based payment is “a transaction in which
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The Impossibility of Auditor Independence Intentional collusion of auditors and their clients is is not the major cause of Audit integrity. Most of the times‚ auditors find it difficult to become objective. In 1992‚ Phar-Mor‚ Inc. drugstore in the United States seeking a court protection from corruption failed a court case. The previous auditors‚ Coopers & Lybrand‚ Phar-Mor’s failed to state inventory inflation and manipulation of finanicial that lead to overstating of $985 million earnings
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Since 2000 the Stock market valuation of the ‘Big Pharma’ companies has dropped sharply. Discuss the causes of the pharmaceutical industry’s current problems and steps that companies are taking to tackle them. By Ali Asgar Kagzi In 1990s‚ pharmaceutical companies were one of the leading shareholder value creators at the stock market. By 1998 the P/E ratio of the Big Pharma companies was twice that of the global stock market and there was a sudden rush among the investors to have a share of
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places complete reliance on controls and does not perform any other audit work. By stating this it shows that it is incorrect to assume the control risk is zero. Zero should never be the control risk if it is then it wouldn’t be neseccary for the auditor to do any work. 3) Fields is incorrect to not give any thought to inherent risk. Knowing the inherent risks leads us to know about the characteristic of the business‚ their major types of transactions‚ and the effectiveness of the way they account
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LECTURER IN CHARGE - DR RUFAI CURRENT PROBLEMS OF EDUCATIONAL DEVELOPMENT IN NIGERIA The height the educational system in any given nation attains is a function of the attention the government and other stake holders pay to the sector. The development of the educational sector in Nigeria has been bedeviled by a variety of challenges‚ which have‚ in no small way retarded the educational development we’ve all been envisaging. Some of such problems‚ among others‚ are highlighted below: 1
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BCAF-05: ADVANCED AUDITING (MAJOR) Objective: This course aims at imparting knowledge about the advanced methods of auditing and there applications. Unit- I: Audit of Limited Companies: Inspection of documents Books and Registers. Audit of Preliminary expanses‚ profit prior to incorporation‚ public deposits‚ managerial remunerations‚ share capital. The Visible profits and dividends- meaning‚ provisions of Companies act in regard to declaration and payment of dividend. Auditor’s
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Qiong Wu Instructor James Dutra ACC 412 March 26‚ 2014 Case 3.1 Dodgers Trolley Summary The Dodgers Trolley case is a simple problem related the internal control in auditing. Dodgers Trolley was original funded in New York‚ but Yankees performed much better. After nearly seven decades of mostly frustration on and off the baseball field‚ the Dodgers shocked the sports world by moving to Los Angeles in 1958‚ because Walter O’Malley saw the opportunity to introduce baseball to the increasing
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UNITED NATIONS RESEARCH INSTITUTE FOR SOCIAL DEVELOPMENT DP 77 ECONOMIC CRISIS‚ STRUCTURAL ADJUSTMENT AND THE COPING STRATEGIES OF MANUFACTURERS IN KANO‚ NIGERIA by Adebayo Olukoshi UNRISD Discussion Papers are preliminary documents circulated in a limited number of copies to stimulate discussion and critical comment. September 1996 ♦ Preface Nigeria’s manufacturing sector has experienced major changes in production techniques‚ labour relations‚ marketing arrangements and management
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EXPLAIN THE RESPECTIVE ROLES AND RESPONSIBILITIES OF MANAGEMENT AND AUDITORS IN THE PREVENTION AND DETECTION OF FRAUD. The primary responsibility for fraud detection lies with management. This arises due to a contractual duty of care. Directors are able to discharge their duty toward prevention and detection of fraud and error in many ways‚ for example: * Complying with the Combined Code on Corporate Governance * Developing a code of conduct‚ monitoring compliance and taking action against
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with varied problems. Years after serious problems were exposed to the public‚ it has become increasingly apparent that our elections system is technologically‚ legally‚ and administratively inadequate and unfair. Over the last three years‚ INEC‚ Nigerian politicians‚ civil society organizations‚ and the international community have all sought to learn from 1999 and 2003 elections by launching projects that aim to improve the Nigerian electoral process (Carl Le Van‚ 2006). PROBLEMS The management
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